A new survey has revealed that one in four people in Scotland are not saving for their retirement and young people are particularly struggling to save money.
One reason for this is that a large proportion of Scots are struggling with debts and cannot afford to save anything for their retirement.
The findings from a pensions firm underline the issues that people in Scotland struggling with money are facing.
The research reveals that 70% of Scots aged between 22 and 29 are not saving enough, compared with 51% of those in their 30s and 28% of 50-59-year-olds.
The 25% of Scottish workers who are saving nothing towards their retirement is a big leap from the 19% recorded last year.
A spokeswoman for the pensions firm said: “The drop in Scottish savers over the last year is a concern and it’s concerning to see the younger generation struggling to put money away for their retirement.”
People in Scotland said they could not afford to save
The researchers found that 29% of people in Scotland said they could not afford to save more because they are struggling with debt and credit card bills and their student loans.
For those people in Scotland who are struggling with their finances, then there is help available and it’s also possible to speak with debt advisers for impartial advice.
This can be done by speaking with the Scotland’s Trust Deed team who can explain more about potential debt solutions including a trust deed.
For many Scots, a trust deed could help ease their financial strain and this legally binding contract will enable those who sign up to repay what they can afford to their creditors.
This is generally over a four-year period and the amount of debt that is left at the end of this time will be written off as unaffordable.
For many people, this will sound like a great solution but there is also the opportunity of discussing a debt arrangement scheme, which is run by the Scottish government, and other solutions which involve sequestration, or bankruptcy.
Talk about debt write-off and consolidation
The team at Scotland’s Trust Deed can also talk about debt write-off and consolidation as well as conducting informal negotiations with creditors and putting together a debt management plan.
It’s important that for people living in Scotland who are struggling with their finances, that help is available and there are solutions to a debt free life.
It is important to appreciate that a trust deed is only available to those who are resident in Scotland with unsecured debts worth more than £5,000.
However, anyone considering a trust deed should seek expert financial advice and also get a review of other potential options before they apply for one.
Indeed, there’s an online debt test available on the Scotland’s Trust Deed website and within a few moments this will reveal what the potential, if any, debt solutions are available.
It’s also important to remember that when speaking with the advisers at Scotland’s Trust Deed that the enquiry will be handled in confidence and in a professional manner.
Advice about a trust deed or a debt arrangement scheme
For more help and advice about a trust deed or a debt arrangement scheme, then speak with the friendly team of debt advisers at Scotland’s Trust Deed.